My colleague Mike Barrett recently wrote a really engaging blog about the synergies between Financial Services and Elite Sports. He discussed how both can really benefit from saving those 1%ers! Using that capacity to focus on a differentiation from others in their field in order to be more successful and gain the results that they desire. If you haven’t read his blog ‘Those Golden Nuggets…’ already – take a look it’s linked at the bottom of this page.
As consultants, people believe that we only like to get involved in the big, shiny, new, exciting projects. However, I can promise you that I for one love the small assignments that may not change the world, but through some simple process or operating work, can help uncover those 1%ers and make a real difference for our clients.
Not only did Mike’s blog make me think about those small changes that I have implemented over time, but it also made me think of this through a different lens. His piece took me back to when I used to manage both operational and change teams in previous roles.
Mike mentioned the benefit of making small changes within processes and/or operating models and how these small gains compound to create something bigger. I couldn’t agree more! This is where, with the right direction and leadership, small additional capacity can equate to fundamental benefits for clients, the operation and employee wellbeing alike.
Additional training, and in particular the ability to perform cross function training, is a prime example of how a small amount of time can be utilised in a positive, strategic way. The benefits of cross training members of teams, or even departments is beneficial for all parties:
- Clients are likely to receive higher and quicker standards of service as their query can be managed by fewer people as employees will have a wider breadth of knowledge.
- The operation is not only more efficient, but more resilient as they have employees who can do a range of tasks which in turn lessens the risk of ‘Key Person Dependencies’.
- It encourages collaborative working, resulting in more opportunities to learn from peers.
- Employees are given the opportunity to learn new skills, which should strengthen their long-term career progression.
Should cross training not be required, then this little bit of time can be utilised by the operation in a more diverse or creative way. Maybe a new concept or way of working can be developed. Maybe some research can take place which helps a wider business strategy. Or, perhaps more exciting than anything else, maybe an employee gets an opportunity to do something that they feel passionate about within the industry that they wouldn’t have been given the time to perform before as they were solely focussed on their BAU responsibilities. Giving employees this empowerment will lead to a more motivated and valued team, and in turn their engagement and desire to do a good job should increase.
Finally, the challenge for staff to be able to find and implement these 1%ers requires experience and a skill set that they might not have had exposure to previously. Identifying, owning and implementing small changes will require impact assessments, stakeholder management, planning and an understanding of delivery methodologies. Although not obvious when implementing small changes, these can be vital skills and learnings which can be drawn upon when adapting and/or responding to bigger change programmes effectively.
In summary, I whole heartily agree with the points made by Mike, and in the mists of the big transformation programmes we currently see in the Financial Services industry. Those small changes can not only improve efficiency, but provide other positive factors including resilience, and a more satisfied and engaged team.
